The Shiba Inu (SHIB) cryptocurrency is navigating a challenging phase, trapped within a technical triangle amid a broader cooling off of meme coin enthusiasm. This shift comes as significant holders, known as whales, have started transferring substantial volumes of SHIB to exchanges, marking a stark turnaround from the previously heated meme coin market.
In a notable shift within the crypto rankings, Shiba Inu has relinquished its position in the top 10, overtaken by Avalanche (AVAX) due to its impressive market capitalization gains. AVAX has recently witnessed a 15% increase in value, contrasting with the general pullback observed across most alternative cryptocurrencies. Currently, AVAX leads SHIB by approximately $2 billion in market capitalization, securing its spot in the tenth position.
As the meme coin sector hints at a recovery, SHIB’s price trajectory appears to be forming a downward pattern, awaiting a decisive market signal. Investors are advised to monitor key price levels, with $0.00003695 as a potential resistance and $0.00003000 as crucial support. A conclusive move beyond these boundaries will determine SHIB’s forthcoming market direction.
Market indicators suggest a leaning towards a bearish outcome, underscored by a declining Relative Strength Index (RSI) and a significant crossover below the 70 threshold, hinting at a potential sell-off phase. The Awesome Oscillator (AO) further supports this bearish outlook, with pronounced red bars indicating bear dominance over SHIB.
However, the $0.00003000 level may present a strategic buying opportunity, potentially serving as a pivot point for SHIB’s next upward movement.
Amid these market dynamics, SHIB continues to receive notable endorsements. Crypto.com, a leading cryptocurrency exchange, has prominently featured SHIB in its app listings on both the Google Play Store and Apple’s App Store. This move, highlighted by SHIB advocate Leonidas on X (formerly Twitter), signifies the platform’s continued support for the meme coin, paralleling its past promotions of Bitcoin (BTC) and Ethereum (ETH).
Leonidas’s proclamation of “unseen dominance” for SHIB has sparked speculation within the community, suggesting an anticipation of significant developments for Shiba Inu in the South African market and beyond.
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